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Price Signal Summary - USDJPY Uptrend Remains Intact

OUTLOOK
  • In FX, EURUSD the trend needle continues to point south. Support at 1.0912, the Aug 3 low, has been cleared and this confirms a resumption of the bear cycle that started Jul 18. The move lower signals scope for weakness towards 1.0834 next, the Jul 6 low and a key level. Price is also trading lower inside a bull channel drawn from Mar 15 low. The base of the channel lies at 1.0754. Key short-term resistance is at 1.1065, the Aug 10 high. Initial resistance is at 1.0984, the 20-day EMA.
  • The GBPUSD trend condition remains bearish and today’s gains are likely a correction. The Aug 14 low of 1.2621 marks the short-term bear trigger where a break would confirm a resumption of the downtrend and pave the way for a test of the next objective at 1.2591, the Jun 29 low and an important support. On the upside, key short-term resistance has been defined at 1.2819, the Aug 19 high. A break would signal a possible reversal.
  • The uptrend in USDJPY remains intact and the pair touched a fresh cycle high of 145.87 yesterday. Recent gains resulted in a break of resistance at 145.07, Jun 30 high, confirming a resumption of the uptrend and maintaining the bullish price sequence of higher highs and higher lows. MA studies are in a bull mode condition, highlighting bullish sentiment. The focus is on 146.38, a Fibonacci projection. Initial support to watch is 143.03, the 20-day EMA.
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets
Foreign Exchange Technical AnalysisHomepagemarkets-real-timeCommoditiesBulletMarketsFixed Income BulletsForeign Exchange Bullets

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